Title 57A — UNIFORM COMMERCIAL CODE
16 chapters · 675 sections in this title.
"Value"
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§§ 57A-3-303 and
(c) Chapter 57A-1 contains certain additional general definitions and principles of construction and interpretation applicable throughout this chapter
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Source: SL 1998, ch 283 , § 1.
SDCL § 57A-5-101 Short title
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This chapter may be cited as Uniform Commercial Code--Letters of Credit. Source: SL 1998, ch 283 , § 1.
SDCL § 57A-5-103 Scope
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(a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a s…
SDCL § 57A-5-104 Formal requirements
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A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record. Source: SL 1998, ch 283 , § 1; SL 2024, ch 198 , § 34.
SDCL § 57A-5-105 Consideration
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Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. Source: SL 1998, ch 283 , § 1.
SDCL § 57A-5-106 Issuance, amendment, cancellation, and duration
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(a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. (b) After a letter o…
SDCL § 57A-5-107 Confirmer, nominated person, and adviser
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(a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the l…
SDCL § 57A-5-108 Issuer's rights and obligations
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(a) Except as otherwise provided in § 57A-5-109 , an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise pro…
SDCL § 57A-5-109 Reserved 57A-5-110 Warranties
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57A-5-111 Remedies. 57A-5-112 Transfer of letter of credit. 57A-5-113 Transfer by operation of law. 57A-5-114 Assignment of proceeds. 57A-5-115 Statute of limitations. 57A-5-116 Choice of law and forum. 57A-5-117 Subrogation of issuer, applicant, and nominated person. 57A-5-118 I…
SDCL § 57A-5-110 Warranties
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(a) If its presentation is honored, the beneficiary warrants: (1) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in § 57A-5-109(a); and (2) To the applicant that the drawing does not violate …
SDCL § 57A-5-111 Remedies
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(a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or…
SDCL § 57A-5-112 Transfer of letter of credit
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(a) Except as otherwise provided in § 57A-5-113 , unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is tra…
SDCL § 57A-5-113 Transfer by operation of law
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(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. (b) A successor of a beneficiary may consent to amendments, sign and pr…
SDCL § 57A-5-115 Statute of limitations
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An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occu…
SDCL § 57A-5-117 Subrogation of issuer, applicant, and nominated person
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(a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were th…